Bob Iger replaces Bob Chapek as CEO of Disney in an astounding comeback.

Entertainment industry was shocked when The Walt Disney Company unexpectedly revealed late Sunday 

that former CEO Bob Iger will take over as president for two years.

Bob Chapek, Iger's replacement in 2020, resigned from his post, according to a statement from Disney.

Chapek was praised by Disney board chair Susan Arnold for his leadership during "the tremendous challenges of the pandemic."

She claimed that executives thought Iger was "uniquely positioned" to lead the massive entertainment company through

"An increasingly complicated period of industry transformation." Iger, 71, oversaw Disney for 15 years while it acquired Pixar